Libyan businessman “Hosni Bey” said today, Sunday, in an exclusive statement to Tabadul TV, that many of us have called for eight years to unify the Central Bank, as the Central Bank is the first and most important sovereign institution, and even if the unification and merger were delayed for eight years, through which most of the people were impoverished. Libyan because of inflation, however, I am overwhelmed with the joy of uniting the administrations and we hope for perfection to achieve the hoped for “monetary, financial and economic” stability, as well as control and rein in inflation that has exhausted the citizen’s savings.
“B” added that the unification of the Central Bank of Libya will reduce the role of the parallel market, which at a stage does not exceed 10 times the difference between the official price of the dollar and the parallel, and until Thursday, August 17, 2023, the difference between the official price of the dollar and the parallel was more than 8%, and we expect the unification of the bank to reduce the difference to 3 % Maximum.
The Libyan businessman also stated that the unification of the Central Bank will end the tragedy of the existence of any difference between the cash dinar, the check and the bank card (multiple prices), which during 4 years (2015 to 2018) exceeded 40%, and after 2018 the difference decreased to less than 12% and during the period and Until the unification of the exchange rate on 3/1/2023, pointing out that after the unification of the exchange rate, it settled within the limits of 4%, and we are waiting that after the unification of the bank and clearing departments today, we will see a complete disappearance of the difference (0%).
He pointed out that as a result of this unification, the clearing will automatically be unified “east, west and south” and a direct link will be made between all banks and their branches, including the liberation from the withdrawal ceiling, the transfer ceiling between accounts, and the ceiling of the limits of certified instruments, indicating that the unification will also enable the citizen to transfer his money from the account to another account and from the balance To a card and from one bank to another bank within minutes.
He continued, saying: The clearing is represented in the eyes of the Central Bank of Libya, and through unification, the Central Bank can, electronically, monitor all banking operations on the homeland and in all branches and departments, and from which it can achieve immediate and direct control of all transactions and take immediate measures to stop suspicious transactions.
Hosni Bey emphasized reminding the government that if it wants security stability and if it wants economic growth, away from the general situation, it must address the subsidy file, and the only treatment comes through cash substitution for subsidies to achieve fair distribution.